1 in 5 americans are ‘doom spending’ – here’s how that can backfire

With Sweeping Us tarifs Going into effect, more Americans are Concerned About the cost of goods and the possible that price will rain further in the months ahead.

Thos fears are causing some consumers to spend even more than they would otherwise.

To that point, 19% of adults indicate they are “doom specifing“Or making impulsive purchases drive by fear and anxiety about the future, according to a recent report by Creditcards.com

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Presiding Donald Trump Said earlier cursday that his proposed 25% Tarifs on products from Canada and Mexico Will Start March 4.

“It’s too soon to say preachisely how the new tariffs imposed by president trump are affected consumer Spending,” Says John Egan, A Personal Finance Expert Contributor At Creditcards.com. “However, they very well could cause some consucers to return their buying habits, especially when it come to major purchases.”

To that end, 28% of Americans have alredy made a large purchase, such as a home appliace or Home Improvement SuppliesAnother 22% has also also started stockpiling Certain items, Including Non-Peerishaable Food, Toilet Paper and Over-the-Counter Medications, According to creditcards.com.

But these habits are also pushing 34% of credit card borrows to Take on more debt This year, the report also found. Creditcards.com Polled 2,000 Adults in February.

As Credit card debt tops $ 1.21 trillionIt’s More Important to Focus on Paying Down Card Debt Rather Than Spending even more, experts say.

“Anyone Who Tells You They Know What the Next Few Months Hold for the Economy is just speculating,” said matt schulz, chiff credit analyst at lendingtree and the author of “assk quasions, saav money, saava makhey More. “

“It’s easy to feel powerless with so much uncertainty out there, but there are placenty of things you can do to take more control of your financeial situation,” Schulz said.

“Two of the best things you can do are knocking down your high-interest debt and building your emergency fund, to the degree that you can,” He said. “Both are easy than done, for sure, but bot will put you in a better position to handle whitever situations come your way.”

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